Sterling Trust Professional Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04526641 (England and Wales)

Sterling Trust Professional Limited

Unaudited Financial Statements for the Year Ended 31st March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Grantham

SECRETARY:

Mrs D M Grantham

REGISTERED OFFICE:

11 Waterside Business Park

Livingstone Road

Hessle

East Yorkshire

HU13 OEG

REGISTERED NUMBER:

04526641 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Intangible assets

4

178,500

-

Tangible assets

5

111,973

105,984

290,473

105,984

CURRENT ASSETS

Debtors

6

2,115,428

1,732,085

Cash at bank

128,813

47,878

2,244,241

1,779,963

CREDITORS

Amounts falling due within one year

7

484,420

348,889

NET CURRENT ASSETS

1,759,821

1,431,074

TOTAL ASSETS LESS CURRENT LIABILITIES

2,050,294

1,537,058

CREDITORS

Amounts falling due after more than one year

8

(45,000

)

-

PROVISIONS FOR LIABILITIES

(15,510

)

(24,745

)

NET ASSETS

1,989,784

1,512,313

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

1,979,784

1,502,313

SHAREHOLDERS' FUNDS

1,989,784

1,512,313

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 14th December 2017 and were signed by:

J Grantham - Director

1.	STATUTORY INFORMATION

Sterling Trust Professional Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

The company adopted FRS 102A in the current year and an explanation of how transition to FRS 102A

has affected the reported financial position and performance is given in the notes to the financial

statements.

Turnover

Turnover represents commissions and fees receivable.

Income is recognised on a day book basis and the commission is accounted for once the policy

commences.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses is being written off

evenly over its estimated useful life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated

and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where

the impairment loss is a revaluation decrease.

Pension costs and other post-retirement benefits

The company makes contributions to certain employees' personal defined contributions schemes.

Contributions payable for the year are charged in the profit and loss account.

Indemnity commission policy

The director has estimated that indemnity commission income in any one year is likely to be repaid

over the four years following receipt. Provision has therefore been made on this basis.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the lease term.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2016 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

377,707

Additions

180,000

At 31st March 2017

557,707

AMORTISATION

At 1st April 2016

377,707

Charge for year

1,500

At 31st March 2017

379,207

NET BOOK VALUE

At 31st March 2017

178,500

At 31st March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

184,950

Additions

22,423

At 31st March 2017

207,373

DEPRECIATION

At 1st April 2016

78,966

Charge for year

16,434

At 31st March 2017

95,400

NET BOOK VALUE

At 31st March 2017

111,973

At 31st March 2016

105,984

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

262,762

153,563

Amounts owed by group undertakings

863,958

1,114,996

Other debtors

988,708

463,526

2,115,428

1,732,085

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

160,132

132,361

Taxation and social security

183,550

145,425

Other creditors

140,738

71,103

484,420

348,889

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

45,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.	CONTINGENT LIABILITIES

There were no contingent liabilities at 31st March 2017 or at 31st March 2016.

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the sheet amount to £29,792 (2016: £57,292).

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31st March 2017 there was an amount due from a director, J Grantham, of £584,633 (2016 due to

£364). This loan is interest free.

13.	RELATED PARTY DISCLOSURES

Sterling Trust Financial Consulting Limited

Parent company

2017

2016

£

£

Amount due from related party at the balance sheet date

642,476

787,254

NHA Financial Services Limited

J Grantham is a director and the parent company is a shareholder

Amount due from related party at the balance sheet date

221,482

327,741

East Riding Investment Co Limited

J Grantham is a director and shareholder

Amount due from related party at the balance sheet date

118,333

106,333

STP Risk Solutions Limited

J Grantham is a director and shareholder

Amount due from related party at the balance sheet date

17,329

12,500

14.	CONTROL RELATIONSHIP

The parent company Sterling Trust Financial Consulting Limited is controlled by J Grantham who owns

80% of the shares. J Grantham is a director of the company and an authorised individual.

15.	FIRST YEAR ADOPTION

The company has adopted FRS 102A for the first time in the year ended 31st March 2017.

The effect of transition from the previous financial reporting framework to FRS 102A is outlined below:

a) Changes in accounting policies and effect on disclosures

Consequential changes in accounting policies arising from transition to FRS 102A were as follows:

Inter company balances

Inter company and similar balances have been reclassified as due within one year. As these loans are

technically repayable on demand FRS 102A requires that they be shown as due within one year. The

amount reclassified in relation to 31st March 2016 were debtors totalling £1,053,075.

b) Reconciliation of equity shareholders' funds

There were no adjustments to previously reported equity shareholders' funds at the date of transition to

FRS 102A.

c) Reconciliation of comparative period profit or loss

There were no adjustments to previously reported profit or loss in the comparative period.